Trust to create strategic China-EU ties

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　　The talks between Merkel and top Chinese leaders show the world's two growth engines are hand in hand at the forefront of the battle against the recession, and inject a dose of reassurance⁵ to touchy⁶ global financial instability.

　　China, considering its relationship with the EU, has never been muted on its role in aiding the economy out of its debt mire⁷. It is considering more involvement in the rescue through major international financing bodies, as Premier⁸ Wen Jiabao told Merkel Thursday.

　　Given the complexities⁹, China has to make thorough investigations¹⁰ before announcing concrete moves. Prudent¹¹ actions foster accountable effects, otherwise the rescue money, which comes from the national foreign reserves, would not find its rightful place. Worse, it would arouse domestic pubic complaints.

　　Cash funding is only one side of the story. To walk out of the crisis, fiscal¹² austerity is essential, while measures to boost growth are also needed. On this front, China and the EU enjoy a wider scope for cooperation.

　　Two cases made the point recently. A Chinese sovereign-wealth fund just acquired stakes in Thames Water, the largest British water supply and treatment company. Portugal said it would sell stakes in its national electricity grid¹³ to a Chinese state-owned firm. It is China's first batch¹⁴ of national investment in European infrastructures¹⁵, and certainly will not be the last.

　　News also flows from the private sector¹⁶. A Chinese construction equipment giant Sany Heavy Industry said this week it was to take over Putzmeister, a leading German machine manufacturer.

　　Merkel told Wen that Germany welcomes China's investment. Along with other EU members, Germany will not politicize economic issues and will stand against protectionism.

　　The Chancellor's tone, however, is still insufficient¹⁷ to calm a growing displeasure in China that Europe is also prone¹⁸ to protectionism, as the EU has displayed a strong tendency to target China's export policies on either solar panels or rare earth.

　　While it complains about China's restrictive rare earth policy which is primarily aimed at saving global exhaustible resources and protecting environment, the EU obstinately¹⁹ restricts its exports of hi-tech products and bans arms sales to China, which somewhat reminds people of a Cold War nostalgia²⁰.

　　China has shown its companionship and, more importantly, sincerity²¹ in a time of crisis. It is time for the EU and China to broaden collective visions and benefit from the strategic mutual²² trust that is building.

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